CEO absconds as another cryptocurrency firm implodes in Vietnam

Investors and board members of the company have not been able to reach him. Le Minh Tam, the CEO, has allegedly taken $35 million from 5,000 investors. The company’s headquarters in Phu Nhuan District, Ho Chi Minh City, is closed, and the Sky Mining signs and posters have been removed. ‘We are victims, too’ The deputy chairman of the company, Le Minh Hieu, said that he has formed a temporary board of 16 people to support investors and calculate the remaining asset of the company. Hieu said that Tam has gone to the U.S., taking all the money of the company and its investors. He said he was not clear about the details of the company’s assets as Tam had directly managed the mining rigs and storage. “[The board] has reported this to the police and showed evidence that we are not guilty,” said Hieu, who said many investors have threatened to hurt his family. “We are victims too,” he told VnExpress. A group of 20 investors have filed a petition on the alleged fraud with the police of Ward 9 in Phu Nhuan District, where Sky Mining was located. Sky Mining organized several events to attract investors. Screenshot taken from Sky Mining’s video on Youtube ‘Largest’ in Vietnam On its website, Sky Mining claimed to specialize in purchasing computers to solve algorithms, a process known as cryptocurrency mining. It invited investors to buy a computer system that performs the necessary computations for mining, known as the mining rig. Investors… [Read full story]